Cowabunga System Daily Update: Tuesday, 03/12/2013

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Main Trend

Current Trend

The trend was DOWN the entire day.

Today I only looked for short trades.

News events to watch for today :

Today’s Surf

5:30am EST– Didn’t even consider this possible signal as it occured during a news candle.

9:45am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid signal. I entered at the close of the candle at 1.4869 with a stop at the most recent swing high at 1.4908. Since I was 19 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.4850.

Entry: Short at 1.4869; Stop: 1.4908; Target: 1.4850

10:45am EST- Unfortunately my target was not hit by this time. Since news was coming out at 11am EST, I went ahead and manually exited my trade. I got out at 1.4860. (+9 pips)

entry2

Trade Result: +9 pips R-Multiple: 0.23

News events to watch for Wednesday:

For a complete list of news events check out our Forex Economic Calendar.
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